Benefit Administrators organize, direct, and plan the day-to-day operations of an organization’s group benefits plan. Leveraging BST’s data science capabilities, Benefit Administrators are in a prime position to to lead innovation in the benefits consulting industry. BST can partner with these companies to harness their endless potential.
Problems BST is Solving for Benefit Administrators
- Data-Driven Decision Support Tools
- Improved Speed and Data Insights
Data-Driven Decision Support Tools
Benefit Administrators are looking for additional competitive advantages in their markets. BST creates models that guide members through a data-driven experience to select optimal benefits packages.
Improved Speed and Data Insights
Benefit Administrators are seeking innovative ways to differentiate themselves with brokers. BST partners with Benefit Administrators to leverage our cutting-edge software to win business.
How We Support Benefit Administrators
- Date Warehousing
- Quality Analytics
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
Date Warehousing
Benefit Administrators have unprecedented access to all relevant plan data. The warehouse grants:
- Access and analyze organizational plan data immediately.
- Aggregate all relevant plan data for immediate or long-term use.
- Securely store and access organizational data.
- Normalize continuous in-depth data analysis.
- Maintain multi-period/lifetime storage/data blending.
Quality Analytics
BST solves the problems that many in health care face with data discrepancies, member matching inconsistencies, outdated data validations, and slow processing times. BST’s technology allows for:
- The utilization of advanced data science to ingest data into a modern engine.
- Comparisons among data sets to measure the quality and rationale of newly ingested data.
- Optimal machine learning-based approaches that maximize true member matches and identify hard-to-match records.
- The leveraging of computer power and speed to load monthly files in under an average of 3 minutes.
Descriptive Analytics
BST provides high-level views of total block performance and enables drill-down views of individuals. This allows Benefit Administrators to:
- Gain access to large data sets quickly. With our tools, employers will see fresh, relevant, monthly data quicker than competitors, with access to data within 30 days of us receiving it.
- Uncover emerging risks throughout the year.
- Make unbiased, transparent, and cost-effective decisions.
- Access to 200+ monthly reports data through a secure cloud-based platform.
Predictive Analytics
BST provides insights on global risk factors within a population by identifying high-cost drivers, historical patterns, and relationships at a granular level. This enables Benefit Administrators to:
- Gain insight into advanced risk models that predict future high-cost claimants.
- Implement a financial forecasting model that can identify the drivers of next year’s plan in an efficient, automated, unbiased, transparent, and cost-effective way.
Prescriptive Analytics
BST stands apart in the analytics space because we provide specific, actionable client recommendations. Benefit Administrators gain access to:
- Cutting-edge plan optimization tool that solves for a best plan based on budget constraints and health plan goals.
- Smartcards recommendations, within the tool, that provide specific actions to take in order to address certain challenges in the current health plan.
